Molson Coors Beverage (NYSE:TAP) Position Trimmed by Clarkston Capital Partners LLC

Clarkston Capital Partners LLC lessened its holdings in shares of Molson Coors Beverage (NYSE:TAP - Free Report) by 0.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,629,717 shares of the company's stock after selling 38,120 shares during the period. Molson Coors Beverage comprises approximately 4.9% of Clarkston Capital Partners LLC's investment portfolio, making the stock its 5th biggest position. Clarkston Capital Partners LLC owned 2.23% of Molson Coors Beverage worth $266,301,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Pacer Advisors Inc. boosted its holdings in shares of Molson Coors Beverage by 66.5% in the second quarter. Pacer Advisors Inc. now owns 5,397,223 shares of the company's stock valued at $274,341,000 after purchasing an additional 2,155,842 shares during the period. Capital International Investors lifted its holdings in Molson Coors Beverage by 10.7% during the first quarter. Capital International Investors now owns 9,692,916 shares of the company's stock worth $651,849,000 after buying an additional 939,142 shares during the period. Ilex Capital Partners UK LLP purchased a new stake in Molson Coors Beverage during the first quarter worth $53,096,000. Millennium Management LLC lifted its holdings in Molson Coors Beverage by 541.4% during the second quarter. Millennium Management LLC now owns 765,150 shares of the company's stock worth $38,893,000 after buying an additional 645,847 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in Molson Coors Beverage by 20.3% during the second quarter. Dimensional Fund Advisors LP now owns 2,579,811 shares of the company's stock worth $131,130,000 after buying an additional 434,685 shares during the period. Hedge funds and other institutional investors own 78.46% of the company's stock.

Molson Coors Beverage Stock Performance

TAP traded down $0.53 during midday trading on Monday, hitting $61.89. 1,448,339 shares of the company were exchanged, compared to its average volume of 1,918,719. The company's 50 day simple moving average is $56.35 and its 200 day simple moving average is $54.35. The firm has a market capitalization of $12.82 billion, a price-to-earnings ratio of 13.94, a price-to-earnings-growth ratio of 2.42 and a beta of 0.82. The company has a current ratio of 0.99, a quick ratio of 0.74 and a debt-to-equity ratio of 0.46. Molson Coors Beverage has a 1-year low of $49.19 and a 1-year high of $69.18.

Molson Coors Beverage (NYSE:TAP - Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported $1.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.67 by $0.13. Molson Coors Beverage had a net margin of 6.78% and a return on equity of 9.24%. The business had revenue of $3.04 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same period in the prior year, the company posted $1.92 EPS. The company's revenue for the quarter was down 7.8% on a year-over-year basis. As a group, sell-side analysts predict that Molson Coors Beverage will post 5.78 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Piper Sandler upped their target price on Molson Coors Beverage from $57.00 to $59.00 and gave the stock a "neutral" rating in a report on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft upped their price target on Molson Coors Beverage from $56.00 to $57.00 and gave the stock a "hold" rating in a research report on Wednesday, August 7th. Wells Fargo & Company raised Molson Coors Beverage from an "underweight" rating to an "overweight" rating and upped their price target for the stock from $52.00 to $74.00 in a research report on Friday, November 8th. TD Cowen reduced their price target on Molson Coors Beverage from $58.00 to $56.00 and set a "hold" rating on the stock in a research report on Tuesday, October 8th. Finally, JPMorgan Chase & Co. upped their price target on Molson Coors Beverage from $57.00 to $60.00 and gave the stock a "neutral" rating in a research report on Friday, October 18th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $60.31.

Molson Coors Beverage Company Profile

Molson Coors Beverage Company manufactures, markets, and sells beer and other malt beverage products under various brands in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers flavored malt beverages including hard seltzers, craft, spirits and energy, and ready to drink beverages.